Fluence Energy, Inc. Financials

FLNC

Source SEC Filings (10-K/10-Q) Updated Dec 31, 2025 Currency USD FYE September

This page shows Fluence Energy, Inc. (FLNC) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 6 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Financial Health Signals

Financial Profile 10/100

Based on FY2025 annual data. Scores normalized against common benchmarks. How we calculate these scores

Growth

Fluence Energy, Inc.'s revenue declined 16.1% year-over-year, from $2.7B to $2.3B. This contraction results in a growth score of 0/100.

Leverage

Fluence Energy, Inc. has elevated debt relative to equity (D/E of 4.21), meaning the company relies heavily on borrowed funds. This high leverage results in a low score of 0/100, reflecting increased financial risk.

Liquidity

Fluence Energy, Inc.'s current ratio of 1.51 indicates adequate short-term liquidity, earning a score of 40/100. The company can meet its near-term obligations, though with limited headroom.

Cash Flow

While Fluence Energy, Inc. generated -$145.5M in operating cash flow, capex of $14.9M consumed most of it, leaving -$160.4M in free cash flow. This results in a low score of 0/100, reflecting heavy capital investment rather than weak cash generation.

Piotroski F-Score Weak

2/9

Fluence Energy, Inc. passes 2 of 9 financial strength tests. No profitability signals pass, 1 of 2 leverage/liquidity signals pass, 1 of 2 efficiency signals pass.

Earnings Quality Low Quality

3.01x

For every $1 of reported earnings, Fluence Energy, Inc. generates $3.01 in operating cash flow (-$145.5M OCF vs -$48.3M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.

Key Financial Metrics

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Revenue

$2.3B

YoY-16.1%

5Y CAGR+32.2%

Fluence Energy, Inc. generated $2.3B in revenue in fiscal year 2025. This represents a decrease of 16.1% from the prior year.

EBITDA

N/A

Free Cash Flow

-$160.4M

YoY-324.1%

Fluence Energy, Inc. generated -$160.4M in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 324.1% from the prior year.

Net Income

-$48.3M

YoY-312.7%

Fluence Energy, Inc. reported -$48.3M in net income in fiscal year 2025. This represents a decrease of 312.7% from the prior year.

EPS (Diluted)

$-0.37

YoY-384.6%

Fluence Energy, Inc. earned $-0.37 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 384.6% from the prior year.

Cash & Debt

$690.8M

YoY+54.0%

5Y CAGR+48.7%

Fluence Energy, Inc. held $690.8M in cash against $0 in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

N/A

Gross Margin

13.1%

YoY+0.4pp

5Y CAGR+11.7pp

Fluence Energy, Inc.'s gross margin was 13.1% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is up 0.4 percentage points from the prior year.

Operating Margin

N/A

Net Margin

-2.1%

YoY-3.0pp

5Y CAGR+6.2pp

Fluence Energy, Inc.'s net profit margin was -2.1% in fiscal year 2025, showing the share of revenue converted to profit. This is down 3.0 percentage points from the prior year.

Return on Equity

N/A

R&D Spending

$86.2M

YoY+30.2%

5Y CAGR+49.5%

Fluence Energy, Inc. invested $86.2M in research and development in fiscal year 2025. This represents an increase of 30.2% from the prior year.

Share Buybacks

N/A

Capital Expenditures

$14.9M

YoY+83.4%

5Y CAGR+52.9%

Fluence Energy, Inc. invested $14.9M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 83.4% from the prior year.

FLNC Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	$2.3B-16.1%	$2.7B+21.7%	$2.2B+85.0%	$1.2B+76.1%	$680.8M+21.3%	$561.3M
Cost of Revenue	$2.0B-16.6%	$2.4B+13.5%	$2.1B+64.7%	$1.3B+68.1%	$749.9M+35.5%	$553.4M
Gross Profit	$295.8M-13.3%	$341.1M+142.0%	$141.0M+326.1%	-$62.4M+9.8%	-$69.1M-972.7%	$7.9M
R&D Expenses	$86.2M+30.2%	$66.2M-0.2%	$66.3M+10.3%	$60.1M+156.7%	$23.4M+103.1%	$11.5M
SG&A Expenses	$163.1M-5.7%	$173.0M+26.9%	$136.3M+16.8%	$116.7M+205.8%	$38.2M+112.7%	$17.9M
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	$500K-87.8%	$4.1M+70.8%	$2.4M+18.9%	$2.0M+40.6%	$1.4M+1021.1%	$128K
Income Tax	$22.9M+148.9%	$9.2M+102.4%	$4.5M+235.2%	$1.4M-25.8%	$1.8M-71.5%	$6.4M
Net Income	-$48.3M-312.7%	$22.7M+132.6%	-$69.6M+33.4%	-$104.5M+35.5%	-$162.0M-246.8%	-$46.7M
EPS (Diluted)	$-0.37-384.6%	$0.13+121.7%	$-0.60+60.0%	$-1.50	N/A	N/A

Metric	Q1'25	Q3'25	Q2'25	Q1'24	Q3'24	Q2'24	Q1'23	Q3'23
Revenue	$475.2M-21.1%	$602.5M+39.6%	$431.6M+131.1%	$186.8M-61.4%	$483.3M-22.4%	$623.1M+71.2%	$364.0M-32.1%	$536.4M
Cost of Revenue	$452.2M-11.9%	$513.4M+32.0%	$389.0M+134.9%	$165.6M-58.6%	$400.3M-28.4%	$559.0M+70.6%	$327.6M-36.3%	$514.5M
Gross Profit	$23.0M-74.1%	$89.1M+109.2%	$42.6M+100.8%	$21.2M-74.5%	$83.0M+29.4%	$64.2M+76.4%	$36.4M+66.8%	$21.8M
R&D Expenses	$18.5M-28.7%	$26.0M+17.6%	$22.1M+28.6%	$17.2M+14.8%	$15.0M-14.1%	$17.4M+12.9%	$15.4M+55.7%	$9.9M
SG&A Expenses	$41.8M+17.5%	$35.6M-14.0%	$41.4M+12.8%	$36.7M-18.6%	$45.1M+2.4%	$44.1M+16.8%	$37.7M-1.1%	$38.1M
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	N/A	N/A	-$391K-178.2%	$500K-61.5%	$1.3M+3.1%	$1.3M+14.6%	$1.1M-27.3%	$1.5M
Income Tax	-$7.9M-272.4%	$4.6M+329.7%	-$2.0M-16.2%	-$1.7M-140.6%	$4.2M+353.8%	-$1.7M-34.9%	-$1.2M+6.3%	-$1.3M
Net Income	-$45.1M-820.9%	$6.3M+120.1%	-$31.0M+25.1%	-$41.5M-5382.3%	$785K+108.6%	-$9.2M+45.2%	-$16.7M+28.4%	-$23.4M
EPS (Diluted)	$-0.34-3500.0%	$0.01+104.2%	$-0.24+25.0%	$-0.32	$0.00+100.0%	$-0.07+50.0%	$-0.14+30.0%	$-0.20

FLNC Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$2.4B+23.9%	$1.9B+40.7%	$1.4B-22.5%	$1.7B+143.2%	$717.7M	N/A
Current Assets	$2.1B+22.8%	$1.7B+40.6%	$1.2B-25.4%	$1.6B+142.1%	$661.5M	N/A
Cash & Equivalents	$690.8M+54.0%	$448.7M+29.7%	$345.9M-3.2%	$357.3M+870.1%	$36.8M-61.3%	$95.1M
Inventory	$455.0M+149.2%	$182.6M-18.8%	$224.9M-65.5%	$652.7M+67.5%	$389.8M	N/A
Accounts Receivable	$272.8M+26.0%	$216.5M+109.3%	$103.4M+19.2%	$86.8M+51.1%	$57.4M	N/A
Goodwill	$28.6M+4.0%	$27.5M+5.6%	$26.0M+4.7%	$24.9M+170.8%	$9.2M+94.0%	$4.7M
Total Liabilities	$1.8B+39.6%	$1.3B+62.7%	$795.8M-28.7%	$1.1B+44.3%	$773.9M	N/A
Current Liabilities	$1.4B+8.9%	$1.3B+68.8%	$745.7M-32.8%	$1.1B+43.8%	$771.5M	N/A
Long-Term Debt	N/A	$0-100.0%	$28.0M	$0	N/A	N/A
Total Equity	$429.6M-9.0%	$472.1M+17.3%	$402.3M-7.7%	$435.8M+351.3%	-$173.4M	N/A
Retained Earnings	-$199.8M-31.9%	-$151.4M+13.0%	-$174.2M-66.6%	-$104.5M+62.6%	-$279.3M	N/A

Metric	Q1'25	Q3'25	Q2'25	Q1'24	Q3'24	Q2'24	Q1'23	Q3'23
Total Assets	$2.3B+9.4%	$2.1B-8.7%	$2.3B+2.7%	$2.2B+16.4%	$1.9B+24.3%	$1.5B-15.7%	$1.8B+34.3%	$1.4B
Current Assets	$2.0B+7.4%	$1.8B-8.9%	$2.0B+2.4%	$2.0B+18.0%	$1.7B+27.0%	$1.3B-20.6%	$1.7B+39.4%	$1.2B
Cash & Equivalents	$452.6M+3.7%	$436.3M-23.3%	$568.6M-6.4%	$607.4M+35.4%	$448.7M+9.0%	$411.8M+29.7%	$317.6M-8.2%	$345.9M
Inventory	$540.6M-17.4%	$654.3M-6.3%	$698.3M+28.5%	$543.4M+197.6%	$182.6M-40.9%	$309.1M-45.2%	$564.5M+151.0%	$224.9M
Accounts Receivable	$288.9M+89.4%	$152.6M+2.4%	$149.0M+1.4%	$147.0M-32.1%	$216.5M+149.4%	$86.8M-49.5%	$172.0M+66.4%	$103.4M
Goodwill	$28.7M+0.1%	$28.7M+7.8%	$26.6M+1.5%	$26.2M-4.7%	$27.5M+4.6%	$26.3M-4.6%	$27.5M+5.8%	$26.0M
Total Liabilities	$1.8B+14.6%	$1.6B-12.4%	$1.8B+5.3%	$1.7B+30.1%	$1.3B+29.8%	$998.1M-21.8%	$1.3B+60.4%	$795.8M
Current Liabilities	$1.3B+19.1%	$1.1B-16.4%	$1.3B+6.7%	$1.3B+0.2%	$1.3B+29.4%	$973.1M-22.3%	$1.3B+67.9%	$745.7M
Long-Term Debt	N/A	N/A	N/A	N/A	$0	$0	$0-100.0%	$28.0M
Total Equity	$388.0M-4.8%	$407.4M+4.9%	$388.2M-5.2%	$409.4M-13.3%	$472.1M+14.3%	$413.1M-0.7%	$415.9M+3.4%	$402.3M
Retained Earnings	-$244.8M-12.5%	-$217.7M+2.8%	-$224.0M-16.1%	-$192.9M-27.4%	-$151.4M+24.3%	-$200.1M-4.8%	-$190.9M-9.6%	-$174.2M

FLNC Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	-$145.5M-282.6%	$79.7M+171.2%	-$111.9M+60.4%	-$282.4M-6.5%	-$265.3M-1792.6%	-$14.0M
Capital Expenditures	$14.9M+83.4%	$8.1M+171.5%	$3.0M-62.3%	$7.9M+84.9%	$4.3M+141.1%	$1.8M
Free Cash Flow	-$160.4M-324.1%	$71.6M+162.3%	-$114.9M+60.4%	-$290.3M-7.7%	-$269.6M-1606.5%	-$15.8M
Investing Cash Flow	-$29.8M-57.0%	-$19.0M-120.1%	$94.4M+163.6%	-$148.4M-565.8%	-$22.3M-222.3%	$18.2M
Financing Cash Flow	$356.9M+4213.4%	-$8.7M-116.5%	$52.6M-93.6%	$817.1M+253.5%	$231.1M+9145.0%	$2.5M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	$2.8M-44.5%	$5.0M	$0	$0

Metric	Q1'25	Q3'25	Q2'25	Q1'24	Q3'24	Q2'24	Q1'23	Q3'23
Operating Cash Flow	-$226.8M-47.4%	-$153.9M-233.2%	-$46.2M+78.1%	-$211.2M-2106.2%	$10.5M-85.1%	$70.9M+266.1%	$19.4M-60.1%	$48.6M
Capital Expenditures	$5.8M+63.6%	$3.6M-18.2%	$4.4M+106.4%	$2.1M-35.6%	$3.3M+226.1%	$1.0M-31.5%	$1.5M+32.0%	$1.1M
Free Cash Flow	-$232.6M-47.8%	-$157.4M-211.5%	-$50.5M+76.3%	-$213.3M-3041.8%	$7.3M-89.6%	$69.9M+290.5%	$17.9M-62.3%	$47.4M
Investing Cash Flow	-$9.3M-28.3%	-$7.3M+3.8%	-$7.6M-46.0%	-$5.2M+6.2%	-$5.5M-13.0%	-$4.9M-88.6%	-$2.6M+15.2%	-$3.1M
Financing Cash Flow	-$1.8M-281.8%	-$468K+72.8%	-$1.7M-100.5%	$360.8M+12504.0%	-$2.9M-969.5%	-$272K+95.7%	-$6.4M-90942.9%	$7K
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	$88K	$0-100.0%	$1.2M

FLNC Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	13.1%+0.4pp	12.6%+6.3pp	6.4%+11.6pp	-5.2%+5.0pp	-10.2%-11.6pp	1.4%
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	-2.1%-3.0pp	0.8%+4.0pp	-3.1%+5.6pp	-8.7%+15.1pp	-23.8%-15.5pp	-8.3%
Return on Equity	N/A	4.8%	N/A	N/A	N/A	N/A
Return on Assets	-2.1%-3.2pp	1.2%+6.3pp	-5.1%+0.8pp	-6.0%+16.6pp	-22.6%	N/A
Current Ratio	1.51+0.2	1.33-0.3	1.60+0.2	1.44+0.6	0.86	N/A
Debt-to-Equity	4.21+4.2	0.00-0.1	0.07+0.1	0.00+4.5	-4.46	N/A
FCF Margin	-7.1%-9.7pp	2.6%+7.8pp	-5.2%+19.0pp	-24.2%+15.4pp	-39.6%-36.8pp	-2.8%

Metric	Q1'25	Q3'25	Q2'25	Q1'24	Q3'24	Q2'24	Q1'23	Q3'23
Gross Margin	4.9%-9.9pp	14.8%+4.9pp	9.9%-1.5pp	11.3%-5.8pp	17.2%+6.9pp	10.3%+0.3pp	10.0%+5.9pp	4.1%
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	-9.5%-10.5pp	1.0%+8.2pp	-7.2%+15.0pp	-22.2%-22.4pp	0.2%+1.6pp	-1.5%+3.1pp	-4.6%-0.2pp	-4.4%
Return on Equity	N/A	1.5%	N/A	N/A	0.2%	N/A	N/A	N/A
Return on Assets	-2.0%-2.3pp	0.3%+1.7pp	-1.4%+0.5pp	-1.9%-1.9pp	0.1%+0.7pp	-0.6%+0.3pp	-0.9%+0.6pp	-1.5%
Current Ratio	1.48-0.2	1.64+0.1	1.51-0.1	1.57+0.2	1.33-0.0	1.36+0.0	1.33-0.3	1.60
Debt-to-Equity	4.59+0.8	3.82-0.8	4.57+0.5	4.11+4.1	0.000.0	0.000.0	0.00-0.1	0.07
FCF Margin	-48.9%-22.8pp	-26.1%-14.4pp	-11.7%+102.5pp	-114.2%-109.4pp	-4.9%-16.1pp	11.2%+6.3pp	4.9%+4.5pp	0.4%

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Frequently Asked Questions

What is Fluence Energy, Inc.'s annual revenue?

Fluence Energy, Inc. (FLNC) reported $2.3B in total revenue for fiscal year 2025. This represents a -16.1% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Fluence Energy, Inc.'s revenue growing?

Fluence Energy, Inc. (FLNC) revenue declined by 16.1% year-over-year, from $2.7B to $2.3B in fiscal year 2025.

Is Fluence Energy, Inc. profitable?

No, Fluence Energy, Inc. (FLNC) reported a net income of -$48.3M in fiscal year 2025, with a net profit margin of -2.1%.

What is Fluence Energy, Inc.'s earnings per share (EPS)?

Fluence Energy, Inc. (FLNC) reported diluted earnings per share of $-0.37 for fiscal year 2025. This represents a -384.6% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

What is Fluence Energy, Inc.'s gross margin?

Fluence Energy, Inc. (FLNC) had a gross margin of 13.1% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.

What is Fluence Energy, Inc.'s net profit margin?

Fluence Energy, Inc. (FLNC) had a net profit margin of -2.1% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

What is Fluence Energy, Inc.'s free cash flow?

Fluence Energy, Inc. (FLNC) generated -$160.4M in free cash flow during fiscal year 2025. This represents a -324.1% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is Fluence Energy, Inc.'s operating cash flow?

Fluence Energy, Inc. (FLNC) generated -$145.5M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Fluence Energy, Inc.'s total assets?

Fluence Energy, Inc. (FLNC) had $2.4B in total assets as of fiscal year 2025, including both current and long-term assets.

What are Fluence Energy, Inc.'s capital expenditures?

Fluence Energy, Inc. (FLNC) invested $14.9M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

How much does Fluence Energy, Inc. spend on research and development?

Fluence Energy, Inc. (FLNC) invested $86.2M in research and development during fiscal year 2025.

What is Fluence Energy, Inc.'s current ratio?

Fluence Energy, Inc. (FLNC) had a current ratio of 1.51 as of fiscal year 2025, which is generally considered healthy.

What is Fluence Energy, Inc.'s debt-to-equity ratio?

Fluence Energy, Inc. (FLNC) had a debt-to-equity ratio of 4.21 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Fluence Energy, Inc.'s return on assets (ROA)?

Fluence Energy, Inc. (FLNC) had a return on assets of -2.1% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Fluence Energy, Inc.'s cash runway?

Based on fiscal year 2025 data, Fluence Energy, Inc. (FLNC) had $690.8M in cash against an annual operating cash burn of $145.5M. This gives an estimated cash runway of approximately 57 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.

What is Fluence Energy, Inc.'s Piotroski F-Score?

Fluence Energy, Inc. (FLNC) has a Piotroski F-Score of 2 out of 9, indicating weak financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Fluence Energy, Inc.'s earnings high quality?

Fluence Energy, Inc. (FLNC) has an earnings quality ratio of 3.01x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

How financially healthy is Fluence Energy, Inc.?

Fluence Energy, Inc. (FLNC) scores 10 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.